In the Norwich, CT market in December, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the November 2015. New home closings moved from 8 a year earlier to none after the figure moved from 2 in November 2014 to 1 in November 2015.
New home closings were none out of the 226 total closings, down on a percentage basis from 8 of 265 a year earlier. Closings of new and existing homes saw a drop year-over-year in December after remaining steady in November year-over-year.
Other Market Trends
There were no new home closings in December 2015, but average size of newly sold homes was 1,857 a year earlier.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 25.2% of existing home closings, below 27.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.4% in December from 7.0% a year earlier and REO closings moved from 20.2% of existing home closings in December 2014 to 20.8% in December 2015.